Secure Your Restaurant Against Potential Risks with Our Restaurant Insurance
For best coverage, you must get restaurant insurance quotes from multiple insurance providers and select one that offers maximum coverage at affordable rates. At Riverbend Insurance, we select the best option from a wide range of top-rated insurance carriers for your specific needs.
Significance of Insurance for Your Restaurant
Restaurant insurance can protect your business against severe financial losses and loss of reputation against several types of perils such as:
- Third-party lawsuits
- Workers’ comp
Restaurant Insurance-Specific Laws and Regulations in Denver, CO
The state of Colorado has laid down insurance laws for greater safety and transparency for all small businesses including restaurants.
- It mandates that all restaurants provide workers’ comp insurance for their employees.
- Any vehicle, owned, borrowed, or leased, that is used by your restaurant must be insured.
- Under the state’s dram shop law, restaurants will be held liable for serving alcohol to minors or for over-serving a customer.
Types of Restaurant Insurance Coverages
- General liability insurance It covers lawsuit costs resulting from third-party injuries and property damage due to slips and falls, mishaps, food poisoning incidents, and other similar incidents within your restaurant premises. It also covers product liability for injuries caused by your products and personal and advertising injuries that includes libel, slander, and copyright infringements.
- Commercial property insurance It covers the repair, replacement, or rebuilding of building structures including structural renovations, equipment, and other business-related assets within the property from covered perils.
- Business interruption insurance It covers lost income and operating expenses incurred by your restaurant due to temporary closing down. It may be due to extensive damage to the property caused by a covered peril that makes it unsafe.
- Workers’ compensation insurance It covers medical, lost income, and rehabilitation for injured workers and end-of-life and death benefits for deceased workers caused by workplace-related injuries and illnesses
- Liquor liability insurance It covers claims of bodily injury or property damage caused by an inebriated customer who has been served alcohol in your restaurant. Besides protecting your business from expensive lawsuits, it may be a requirement in your commercial lease agreement or to get a liquor license.
- Equipment breakdown insurance Restaurant business operations rely on the functioning of several types of equipment such as commercial stoves, refrigerators, freezers, and ovens among others. A breakdown of any one piece of equipment can negatively impact your business. This insurance will cover equipment breakdowns or damages caused by a covered peril such as power surges, electrical shorts, and others.